Amendment status not verified — confirm the current text below against the official source.
(1) A society shall, out of its net profits in any year. (a) transfer an amount not be in less than fifteen percent of the net profits to the reserve fund; and (b) credit such portion of the net profits, not exceeding five per cent, as may be prescribed, to the Cooperative Education Fund referred to in clause (xix) of sub-section (2) of S.109; 62E[(c) ten per cent of the net profit to the Cooperative Member Relief Fund as may be prescribed.] 64F[(d) credit five percent of net profit to the Professional Education Fund maintained by the Registrar.] [x x x x] (2) The balance of the net profits may be utilised for all or any of the following purpose namely:- (a) payment of dividends to members on their paid up share capital at such rate [not exceeding 64A[twenty five] per cent] as may be prescribed. (b) Payment of bonus to members on the amount or volume of business done by them with the society, to the extent and in the manner specified in the bye-laws; 64B[(c) seven percent of the net profit to Agricultural Credit Stabilization Fund"; ] 64G[x x x x] (d) Donations of amounts not exceeding ten per cent of the net profits for any charitable purpose as defined in S.2 of *Charitable Endowments Act, 1890 (Central Act 6 of 1890); and 64C[(e) balance of net profit may be utilised for any or all of the purposes specified in the bye-laws of the societies except for payment of bonus to employees.] 64D[(3) Notwithstanding anything contained in section 18 of this Act, in the case of 64E[Kerala State Cooperative Bank] the term 'member' shall include nominal and associate members, for the purpose of clause (a) of sub-section (2).] Inserted by Act 8 of 2013 w.e.f. 14-02-2013. Omitted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 16 of 1993 came into force at once for "for not exceeding ten per cent". Substituted by Act 7 of 2010 w.e.f. 28-04-2010. Substiuted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 7 of 2010 w.e.f. 28-04-2010. Inserted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 1 of 2019. Prior to the substitution it reads as "District Cooperative Banks" See relevant provisions under Charitable Endowment Act, 1890 in part II of the book. Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Omitted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Omission it read as "(cc) five percent of the net profit to the professional education fund maintained by the Registrar;"